TerraCap Management has secured $51 million in debt from First Horizon Bank to fund the acquisition of a new 240-unit multifamily development in Bonita Springs, Florida, commercial observer learned.
The debt facilitates TerraCap’s acquisition of approximately $70. 4 million of Versol apartments at 28790 Versol Drive in Bonita Springs from Indianapolis-based developer and residential operator Milhaus, who will manage the property, terracap reports.
Matthew Williams and Kyle Schlitt of Newmark worked on behalf of TerraCap to research, organize and, regardless, finalize the financing of the acquisition just over two weeks after the application. Schlitt said his team had experienced a very competitive market, allowing them to temporarily block “aggressive financing terms for [TerraCap] as they acquired a leading asset in a developing submarket in Southwest Florida. “
Versol built last year and is already rented one hundred percent, according to data published through TerraCap. Se it’s sports studios, one-, two- and three-bedroom apartments with an average domain of 1,094 square feet, the longest average floor length for rent. sets in the domain, through Newmark.
The progression sits on 27 acres and includes a clubhouse building, with a “chef-inspired” dining kitchen, a convention room and a coffee shop. The site also has a swimming pool with solarium, which is a flat and shallow domain. There’s also a fitness center, spinning studio and yoga room, a kitchen with fuel grills, an entertainment area with fireplace, a petanque court, a dog park and dry cleaning services, according to Newmark and data from the property’s website.
“Being a new Versol and being in central Southwest Florida attracted us a lot,” terracap founder and component manager Steve Hagenbuckle said as part of the announcement of the purchase. “Its holiday destination location will allow us to offer personalized and artistic rental systems. for full-time and part-time citizens, as well as for tourists. All this for the sake of price creation.
Monthly rents at the location range from about $1,600 for studios to more than $2,600 for three-bedroom units, according to data from the Apartments. com list. Diversity of residences in length from 627 feet for studios to more than 1,500 feet for three bedrooms and two – En-suite apartments, according to the property’s website.
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